Tag: retail

A boy along with his father were in a sports shop. The boy saw some dumbbells in the shop which some buyers were lifting and checking it. His curious mind asked his father-

“Can i lift this dumbbells, like this people do?”

His father responded –

“ If you use all your strength, then you can”.

The boy pumped himself, took a deep breather, closed his eyes and with all his strength he tried to lift a dumbbell placed on the lowest shelf. He tried desperately and finally he gave up. Filled with sadness, he asked his father –

“You told me i could lift it!”.

His dad gently smiled and said,

“I told you to use all your strength. You never asked for my help.”

The boy understood, and giving a slight smile, both lifted the dumbbell!

Your strength is not only yours but your support system too!

Get the strength and support for your business through NeoGrowth loans!

One of the most important parts of business operations is related to your point of sale (POS) system. It is the lifeline of your business and must be in good shape because it wields a direct impact on your sales and revenue. In the past, a POS system meant cash register or some manual accounting system which was never a pleasure to use. It also had many limitations, but things have changed a good deal.

Nowadays, it is very easy to manage sales and revenue, thanks to the modern-day software that make for excellent POS systems. Fit for the traditional business needs as well as the new-age online transactions, these systems are tailor made to go with the present-day requirements of businesses.

Benefits of POS system

The Point of Sale systems has many benefits over their predecessors. They have overcome the limitations of the traditional systems and also offer many more advantages to merchants and businesses. Let us take a look at them.

Simplicity of usage and maintenance

The software loaded systems are competent and ease the load of the administrator/finance personnel. They do not have to leaf through hundreds of receipts or pages to find the requisite information. The system self-generates reports at adequate intervals and also dishes out data with a simple click. If you want, you can also create reports as per your needs. They come with complete customer support and you can update and maintain them effortlessly.

Efficiency of inventory management

These days, almost all businesses deal with online transactions and inventory management is a big task while handling these transactions. It is at the heart of customer satisfaction and sales. But thanks to the POS systems, there is no need to make a separate arrangement for the same. Most of the time, these systems come preinstalled with an inventory management feature which you can use to track orders, stocks and other related aspects.

Ease of customization

Every business is unique in some way and hence, also has some unique needs. POS systems understand this fact very well and allow for customization so that you can synchronize it to align with your special requirements. You can create your own reports and check out the best selling products, profit margins, etc.

Fast, computerized and error-free

These software eliminate the chances of human error and even if you press a wrong button or make a wrong entry, they notify you about it. With its help, you can automate the processes and speed up your operations during peak seasons and rush hours. It brings down the chances of fraud as well and your finance personnel can learn them easily. The computerized programs can handle loads of data and have huge storage capacity.

Better customer service

Customers also gain a lot through these systems as they produce detailed receipts, with much more information than the older versions which only carried date, product name and amount of sale. The modern day systems offer much more insight as they are synchronized with the inventory control system. The customers get a line by line detail and complete description of the purchase which is not just empowering but also flattering.

How to select a POS

The icing on the cake is that you can easily find a host of POS systems that will fulfill all your needs. The internet is abuzz with many software programs that let you manage your operations without any problem. But, there is also a caveat. You can get overwhelmed by the numerous options with charming features. To aid you in the selection, we acquaint you with the desirable features that make a system worthy of possession.

Easy-to-use – The system should have an easygoing and user-friendly interface. The finance personnel should be able to learn it easily so that they can perform in a satisfactory manner.

Affordable – Thanks to the multiple options, the systems are pretty pocket-friendly but you must investigate for hidden costs, up gradation charges and subscription fees.

Secure – The system should have in-built checks to safeguard customer data so that the transactions are seamless and there is no scope for fraud or breach of customer’s trust.

Flexible – With time, operations undergo change as a business may expand or venture into new fields. So, the system must have enough ability to fit in with the new requirements.

Future-proof – The face of business is changing at a fast pace and the system should know how to keep abreast of the developments. Be it mobile payment or cloud computing, it should be receptive to the upcoming changes and challenges.

If you keep these points in mind, you will not find it tough to get the best system solution for your business that will not just facilitate operations but also act as a driver of growth and evolution.

Retail is absolutely booming in India right now. And experts are of the opinion that it will only get better. In fact, statistics indicate that the retail sector in India is growing by a whopping approximate value of 12% per annum, meaning that, by 2020, retail could very well value at about 1 trillion dollars in India.

But before we get to the trends in question, here’s a look at the major factors currently influencing this speedy growth:

Current Factors Aiding the Growth of Retail in India

Advancements in online technology:

There is no doubt that the rapid advancements of technology – especially in the online realm of business – have had a huge influence on the retail sector in India. This is also probably why the Indian retail sector is working at its peak in the current era.

Modernization:

Urbanization and attitudinal shifts in people and businesses in India have greatly affected the growth of the retail sector.

Extensive numbers of offline and online retail stores:

In addition to traditional retail channels (such as small grocery stores and the like), the retail sector in India also includes supermarkets, hypermarkets, all other kinds of organized retail outlets, and even online retail markets. In fact, a large chunk of this retail growth is both dependent on and consequent of the largest ecommerce market that has been steadily growing in India during the last couple of years.

So, now that that’s out of the way, check out the assumptions for retail in India by 2020:

Definite Trends to Watch for Regarding the Indian Retail Sector for the Next Five Years

Expect the considerable growth of the retail sector as a certainty:

Now, there are plenty of statistics that often predict the growth of a sector, but often (in the end) falls flat. However, why we are pretty certain that won’t be the case here is because of certain facts and trends: For one, modern trade (on a global level) in itself is expected to double in growth in 2020. And with Indian ecommerce stores firmly established in the online sphere, India automatically shares in that prediction for retail growth too.

Availability of goods and services will no longer be limited based on location or area:

Right now, everything from goods to various kinds of services has already entered the retail sector of India – which makes these goods and services much more easily available as well. For instance, think of how it was to book a train ticket before with only a single outlet or two available in a single location. While now, there are umpteen travel agencies as well as a number of online platforms available to you.

Add-on services in addition to the primary function will become the norm:

Consider again the above example of travel agencies: You don’t just book one-way and two-way tickets anymore. You can book for anything from the type of meals you take, to whether you want a car or a mini-van to pick you up at your destination – as well as many other things. Consequently, the availability of such services and options will only continue to grow.

Ecommerce establishments will continue to grow exponentially:

From a time when online shopping and the like were still new and rare, we’ve shifted to an age where we’re literally spoilt for choice when we shop online. And, such instances are only growing in India thanks to the obviously booming success of ecommerce.

As such, digital retail stores are bound to grow. And here’s why:

One, the relatively lower cost of running an online store when compared to a brick and mortar store.

Two, customers generally get a lower price for their goods and services online due to the fact that online store owners have fewer overhead costs. And when you pair that with the many discounts and offers that flit around online almost daily, it’s no wonder more and more customers move to shop online.

Three, the mobile platform is growing exponentially and e-stores have already started building mobile apps for their stores, thus making it even more accessible.

Four, Internet costs are lower than ever and are predicted to reduce even further, thereby making online shopping even more of an enticing prospect for Indian customers.

Mobile platforms will be the reigning platform for online retail:

As the era of the smartphone shows, adapting to the mobile platform is already a must for e-stores. And expert opinion and research only support that the mobile platform will continue to gain power in the coming years. There are a few hitches as well to watch out for though – which is the only reason why Indian retail growth is not progressing as smoothly as it could. Shaky economics is one of the hitches. Also, changes are needed regarding the way goods are priced and the effectiveness of Indian retail workflows (both online and offline).

So, you have decided to give your shop an online identity but still find it difficult to set the ball rolling. Don’t worry. You are not the only one going through the launching travails. Every entrepreneur goes through this situation. Even the premium players have experienced the grind and pondered over countless ifs and buts before making it to the top ranks. Hence, all you need to do is set aside the worries and get going with the task at hand.

To help you out, we will tell you about 4 simple and effective steps to get going. Following them, you can easily begin operations. These steps are tailor-made to suit an exclusive online store as well as a physical store looking to expand with an online avatar.

Research and regard your customers

Customers are the lifeline of every online business and if you want to sell more and attract more footfalls then you have to look at things from their perspective. From the look of your e-store to the shopping cart to subscription pop-ups, everything should be customer friendly. It must load fast and the customer should find it convenient to navigate through your site while looking for different items. The entire process, from arrival to checkout, ought to be seamless and simple. You must make sure that the site’s aesthetics and functionality go hand in hand. Just go through a shopping trial on a site that you find exemplary and incorporate all the desirable traits in your e-store.

Focus on product images

Studies have proved that visuals grab quick attention. They also possess higher engagement value. So, it is important to make sure that your products have good display. It will easily enamor the customers and help you to sell more. Your e-store should look like a well decorated physical store with all items showcased properly. Add zoom-out, side display, back display and other features to the images as it enhances their value. Also, write good copy for the products with complete information and catchy titles. Keep the search terms and keywords in mind as well.

Incorporate customer reviews

Customer reviews play a key role in increasing sales. They act as credible sales pitches which customers value greatly. So, if you want visitors to loosen their purse strings you should make space for reviews. Showcase the star ratings, testimonials and words of praise on your site, below or alongside the products. Do not be afraid of criticism or negative feedback. But if you want to obliterate it altogether, switch on the filters that track negative reviews or allow for review via the email method only.

Market intensively

E-commerce is a highly-contested niche and there are scores of competitors vying for the same target customers. So, you have to be proactive and market aggressively to get your store noticed. Luckily, you can rely on the multi-pronged online marketing and you should never underestimate its power. To make the most of this strategy, it is suggested, you go whole hog. Utilize every marketing tool like social media (esp. Instagram, Pinterest because they are images-oriented) SEO, Google AdWords (be discreet as it is expensive), content marketing, emails/newsletters, YouTube videos, etc. to grab the eyeballs. It is completely worth it and results in sustainable traffic as well as more sales.

Important points to keep in mind

Do not waste time being a perfectionist. Launch quickly because there is nothing like the perfect time or right time. Set up a time-limit for the research, cover all the aspects within the same and set the ball rolling.

Pick up an easy-to-use and customer friendly shopping cart as it impacts the customer experience. It has an important role in driving sales and profits. There are many options like Shopify, WooCommerce, Magento, Big Commerce, WP EasyCart, OpenCart, Prestashop to choose from.

Keep it lean in the initial phase and do as many things yourself. This will make sure that your financial resources are not unduly stressed and you can also save a fair deal.

Watch out for your competitors and always keep an eye on their innovations and strategies. You do not have to copy them but if they help to enhance sales without affecting your brand value, you can certainly take recourse to them.

Last but not the least, keep doing regular analysis of your performance. Modify the strategy as per the results and always focus on the target that you have set for your business.

Bottom Line

An online store has huge potential for growth because e-commerce is a cost-effective and simple business model. It is very popular and is being used by thousands of entrepreneurs, all over the world, to earn profits and make a name for themselves. So, just follow the steps and tips we have mentioned above and get ready to join the coveted league.